Wall Street still aglow over Time Warner 10-15-98

SteveGelsi

Shares of Time Warner (TWX)
TWX, -0.78%
continued its upward march Thursday, the day after the company's third quarter earnings before interest, taxes, depreciation and amortization beat Wall Street estimates. Merrill Lynch analyst Jessica Reif Cohen said Thursday in a research note that the company's $1.08 billion third quarter EBITDA outstripped her projection by $30 million.

"Time Warner clearly has the best operating momentum and highest growth rate of any company in the entire sector," she said. Time Warner rose 2 1/4 to 86 3/4. On Wednesday, it rose 3 9/32 to 84 1/4. The good will spread to other media stocks. Disney (DIS)
DIS, -1.00%
gained 1 5/8 to 26; CBS (CBS)
CBS, -0.20%
rose 3 5/16 to 23 13/16.

Shares of comic book publisher Marvel (MVL)
MVL, -1.42%
rose 1/4 to close at 5 1/16. The company named its board of directors and opened its search for a new chief executive officer. Board chairman is Morton E. Handel, president of S&H Consulting and a director of CompUSA (CPU)
CPU, +0.17%
. He also served as CEO of Coleco Industries. The company hired executive search firm Spencer Stuart to assist its search for a new leader after current CEO Joseph Ahearn steps down.

Shares of publisher McGraw-Hill (MHP)
MHP, +0.00%
dipped Thursday afternoon despite its better-than-expected earnings. Brisk business from the company's Standard & Poor's ratings services helped McGraw-Hill earn $1.62 per share in its third quarter, ahead of a First Call estimate of $1.58 per share. But the company's CEO said it may face challenges in the coming quarter, although it still plans to meet profit projections. Shares dropped 1 9/16 to close at 75 3/8. See related story.

After challenges by the Justice Department, Primestar Inc., owned by the country's biggest cable TV companies, and Rupert Murdoch's News Corp. (NWS)
NWS, -0.44%
scrapped plans to combine units. Primestar would have bought satellite TV assets held by News Corp. and MCI WorldCom. (WCOM)
wcom
. Justice Department antitrust chief Joel Klein announced Wednesday that the companies had abandoned the deal. The government moved to block the merger, saying it would crimp competition. The $1.1 billion deal would have given the five largest U.S. cable TV companies a major share of the emerging DBS (direct broadcast satellite) business that beams programming to18-inch receiver dishes.

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